NZD/CAD 1H Chart: Falling Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Kiwi has just confirmed the falling wedge pattern, as the currency pair breached the upper trend-line and is now poised for going further to the north. At the same time, the closest resistance line may pose significant problems for the cross, as it is strengthened both by weekly R1 and daily R3. Therefore, the pair's ability to overcome this level around 0.89 will determine its future development. In case of failure, the New Zealand's currency is likely to fall back to the pattern's boundary in the long-term. This idea is shared by daily technical indicators, while in the short-term the Kiwi is likely to gain value. Market sentiment is broadly mixed, as bulls have 47% of all positions and bears hold 53%.
© Dukascopy Bank SA
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